Li-Cycle Provides Business Update; Reports Significant Progress In Comprehensive Review, Incl. Improving Current Liquidity Position & Conducting Internal Technical Review Of Rochester Hub

Author: Benzinga Newsdesk | March 18, 2024 04:38pm

As of December 31, 2023 and March 15, 2024, Li-Cycle had cash and cash equivalents on hand of approximately $71 million and approximately $35 million respectively, excluding restricted cash of approximately $10 million. As part of the pause in construction of the Rochester Hub project, on November 1, 2023, Li-Cycle implemented a Cash Preservation Plan to reduce expenses and slow cash outflows, while exploring both financing options and strategic alternatives to increase liquidity. As a result of the CPP, the Company has taken steps to significantly reduce its workforce and curtail other non-operational spending.

Posted In: LICY